The Facts: Car Insurance Policy Features
No-claims discount: One of the key features of your insurance cover is the no claims discount (NCD). Depending on your insurers, you could get a reduction of up to 57.5 percent or as low as 27 percent for a years driving with no claims made
For achieving 4 years four years of no claims you can reacch a no claims discount of 60 to 70 % A higher maximum is sometimes offered to older drivers. If you make a claim your no claims discount may be reduced, however this is decided by the insurers. In the best cases your no claims discount could be reduced by 3%. If you were to be below 50, this could belowered by up to 22percent. You may be givenan even larger cut if you have to claim again within a 3 to 5 year period .
Protected noclaims discount: With some Insurance Companies, after 4 or 5 years , you can protect your NCD. This will cost you somewhere in the region of 10 to 15 per cent of your premium. Once your NCD is protected, making one claim in a year will have no effect on premiums..If you make 2 claims with some insurers it will not affect your NCD while others may reduce it as little as 45%.
Driving other cars: Some insurers allow the policyholder to drive other cars with thirdparty cover in emergency situations.
Named drivers: Named drivers are added to a family members or partner’s policy. They can drive that person’s car but cannot drive other cars with insurance cover. Some insurers also allow named drivers to build their own no claims.
Choice of repairer: Be careful to use the insurance companies choice of approved repairers, because if you don’t they will not pay for the repairs.
Courtesy car: Most insurance companies will provide you with a courtesy providing you have use an approved repairer.It is very helpful if your car is off the road for quite a while.Then again there are those insurers who will only provide a courtesy car if you have an accident, not if your car was stolen. Other insurers will charge an extra premium for providing a courtesy car after theft.
Personal belongings: Should your personal belongings be taken, only some insurers will replace them with new ones. Most of them factor the age and state of each item before they make a decision on how much to pay.The majority of insurers factor the age and condition of the items, before deciding how much to pay out.
Medical expenses and legal protection: As the result of an accident , should you require dental treatment or physiotherapy, some insurance companies will cover this. The legal expenses incurred as a result of a car insurance claim are covered be motor legal protection.
In car audio equipment: The majority of insurers will put a ceiling on the amount of cover for audio gear not supplied by the manufacturer. This could be as little as 100 pounds, however, this varies between insurers.
Sat navs: It is worthwhile checking if your sat nav is covered. Even if it is covered it may not be worth claiming.Even though it is covered it may not be worth claiming. For a first claim the excess on your policy may only be 100 pounds and a cheap sat nav could cost less or very little more. If you claim you will lose you no claims bonus which may work out in the long run more expensive.If a claim is made you will lose your no claims bonus and this will workout much more expensive.
Age limits: With insurance policies there is often a lower and upper age limit. The upper limit has a tendancy to be lower if taking out a brand new insurance policy.
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Brokers Online aims to provide its clients with a huge resource of financial information including helpful articles and Frequestly Asked Questions. If you cannot find the answer to your question feel free to post a question on our weblog.
This article has been written for publication by Brokers Online. Brokers Online offers uk residents access to many different kinds of financial products including life assurance and best loans.
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